Vietnam says to make trade and investment environment more liberal

21-Sep-2018 Intellasia | The Saigon Times | 6:00 AM Print This Post

Vietnam will decisively create an open trade and investment environment to welcome European firms and investors despite the potential risks associated with international trade, deputy minister of Industry and Trade Tran Quoc Khanh said at a summit conference held in Brussels on September 18, reported VietnamPlus news website.

Speaking at the conference on the EU-Vietnam Free Trade Agreement (EVFTA), representatives introduced the contents of the agreement and the benefits for European firms operating in the sectors of trade in goods and services, commerce, intellectual property protection and ecommerce.

Peter Berz, Head of Unit for the directorate general for Trade of the European Commission (EC), responsible for trade relations with Southeast Asian nations under the EC, said EVFTA and the Investment Protection Agreement (IPA) will become a model for free trade agreements between Vietnam and other partners in the future.

Vietnamese Ambassador to Belgium Vu Quang Anh noted that Vietnam and the European Union have a common view on multilateralism in maintaining relations and international law. Anh believed EVFTA would create a legal framework for free trade between Vietnam and the European Union, as well as become part of the EU-Vietnam Partnership and Cooperation Agreement.

CEO of the European Institute for Asian Studies Axel Goethals said EVFTA, a new-generation free trade agreement with reforms and 99 percent of tariff lines removed, will help raise exports to the European Union by a third of the current volume and add 15 percent of Vietnam’s gross domestic product.

The agreement will also open the door for small and medium enterprises in the European Union to do business and expand their presence, as well as build a new chapter for bilateral trade, Goethals added.

Tran Quoc Khanh stressed that the Vietnamese government is making preparations to execute the EVFTA and is willing to cooperate with the European Union for trade liberalisation.

Legal reviews of a free trade agreement between Vietnam and the European Union started after the official conclusion on December 12, 2015 of negotiations on the EVFTA. However, the EVFTA became more complex as the European Union revised the process of approving FTAs, with the separation of the FTA and IPA in April 2018, when the legal reviews were also completed.

The EVFTA has been translated into the 27 official languages of the EU member states and into Vietnamese.


Category: Economy, Vietnam

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